Ecuador: Citric Acid Market 2024

Citric Acid Market Size in Ecuador

The Ecuadorian citric acid market expanded sharply to $X in 2021, increasing by 10% against the previous year. In general, the total consumption indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +51.5% against 2017 indices. Citric acid consumption peaked in 2021 and is likely to continue growth in years to come.

Citric Acid Production in Ecuador

In value terms, citric acid production shrank modestly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a drastic downturn. The growth pace was the most rapid in 2018 when the production volume increased by 58% against the previous year. Citric acid production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Citric Acid Exports

Exports from Ecuador

For the third consecutive year, Ecuador recorded growth in overseas shipments of citric acid and its salts and esters, which increased by 8.9% to X tons in 2021. In general, exports, however, recorded a dramatic curtailment. The pace of growth was the most pronounced in 2015 with an increase of 137%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, citric acid exports fell to $X in 2021. Overall, exports, however, saw a dramatic setback. The most prominent rate of growth was recorded in 2015 with an increase of 95%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Peru (X tons) was the main destination for citric acid exports from Ecuador, with a 95% share of total exports. Moreover, citric acid exports to Peru exceeded the volume sent to the second major destination, Colombia (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Peru amounted to +13.1%.

In value terms, Peru ($X) remains the key foreign market for citric acid and its salts and esters exports from Ecuador, comprising 98% of total exports. The second position in the ranking was taken by Colombia ($X), with a 1.7% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Peru stood at +79.6%.

Export Prices by Country

In 2021, the average citric acid export price amounted to $X per ton, dropping by -9.9% against the previous year. In general, the export price continues to indicate a deep slump. The pace of growth appeared the most rapid in 2019 an increase of 17% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Peru ($X per ton), while the average price for exports to Colombia amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Venezuela (+76.9%), while the prices for the other major destinations experienced more modest paces of growth.

Citric Acid Imports

Imports into Ecuador

In 2021, citric acid imports into Ecuador surged to X tons, growing by 36% compared with 2020 figures. Over the period under review, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +9.2% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 46% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, citric acid imports soared to $X in 2021. Overall, imports enjoyed a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) was the main supplier of citric acid to Ecuador, with a 94% share of total imports. Moreover, citric acid imports from China exceeded the figures recorded by the second-largest supplier, Colombia (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+4.5% per year) and Uruguay (-2.3% per year).

In value terms, China ($X) constituted the largest supplier of citric acid and its salts and esters to Ecuador, comprising 82% of total imports. The second position in the ranking was held by Uruguay ($X), with an 8.1% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Uruguay (+23.0% per year) and Colombia (+13.9% per year).

Import Prices by Country

The average citric acid import price stood at $X per ton in 2021, growing by 41% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.4%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Uruguay ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Uruguay (+25.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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